Investments in Joint Ventures

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account’s ownership interest in those investments. Several of these joint ventures have mortgage loans payable collateralized by the properties owned by the aforementioned joint ventures. At March 31, 2017, the Account held investments in joint ventures with ownership interest percentages that ranged from 33.3% to 97.5%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a pre-determined threshold. The fair value of the Account’s equity interest in these joint ventures was $5.9 billion and $5.6 billion at March 31, 2017 and December 31, 2016, respectively.

A condensed summary of the results of operations of the joint ventures are shown below (in millions, unaudited):



	For the Three Months Ended March 31,
	2017		2016
Operating Revenue and Expenses
Revenues	$	211.9	$	155.1
Expenses	103.9		83.5
Excess of revenues over expenses	$	108.0	$	71.6